The present invention relates generally to financial transactions. The present invention relates more specifically to systems and methods for sending and receiving value using unmanned financial transaction kiosks.
Third party money transfer services are well known, one example of which is the service provided by Western Union, a subsidiary of First Data Corporation of Greenwood Village, Colo. The services are used extensively by the unbanked to transfer money and pay bills through the use of wire transfers and money orders. However, the use of such services usually require face-to-face contact between an individual representing the third party service provider and the sender and/or the receiver. For example, if a sender is “wiring” money to a receiver, the money is typically deposited with the third party in person, and the sender typically obtains the money from the third party in person. If the money is transferred in the form of a money order, the sender typically deposits the money with the third party in person and receives a money order.
In order to provide customers convenient access to money transfer services, companies that provide such services often establish agency relationships with businesses such as stores, banks, and the like. As an agent, these business then act on behalf of the transfer service to receive funds from senders and dispense funds to receivers, for which the agent receives compensation. Methods are needed that allow money transfer service providers to provide customers convenient access to their services with less dependency on agents.